ASIC cancelled Australian Fiduciaries Limited’s AFS licence after the CSLR paid an unpaid AFCA determination. Review the key dates, complaint routes, liability periods and investor compensation requirements.
ASIC Cancels Australian Fiduciaries’ Australian Financial Services Licence on 2 July 2026
The Australian Securities and Investments Commission (ASIC) announced on 17 July 2026 that it had cancelled the Australian financial services licence (AFSlicence) held by Australian Fiduciaries Limited (In Liquidation, hereinafter Australian Fiduciaries), licence number 465658. The cancellation decision was made on 2 July 2026 and was triggered after the Compensation Scheme of Last Resort (CSLR) compensated a consumer for an unpaid determination against the firm.
The action was a mandatory statutory process rather than a discretionary regulatory sanction. Under the current framework, where a licensee fails to pay a determination made by the Australian Financial Complaints Authority (AFCA) and the CSLR subsequently pays compensation on its behalf, ASIC must cancel the licensee’s AFS licence without conducting a review of the merits of the case.
(Source: ASIC, media release — ASIC cancels the AFS licence of Australian Fiduciaries Limited (In Liquidation), published 17 July 2026.)
Three Events That Triggered the Licence Cancellation
On 30 January 2026, AFCA made a determination concerning a complaint against Australian Fiduciaries, but the firm did not pay the amount awarded.
On 12 June 2026, the CSLR paid A$150,000 in compensation in relation to the AFCA determination and notified ASIC of the payment.
On 2 July 2026, ASIC cancelled the firm’s AFS licence under the mandatory statutory provision.
Complaint Access Remains Available for 12 Months After Licence Cancellation
When issuing the cancellation order, ASIC also required Australian Fiduciaries to retain its AFCA membership for 12 months, until 19 June 2027. Complaints concerning the firm may still be lodged with AFCA during this period.
AFCA advised ASIC that, because Australian Fiduciaries is currently in liquidation, it will accept only categories of complaints that fall within the scope of CSLR compensation, such as complaints relating to personal financial advice. ASIC also stated that it is investigating Australian Fiduciaries and several related entities.
(Source: ASIC, media release — ASIC cancels the AFS licence of Australian Fiduciaries Limited (In Liquidation), published 17 July 2026, paragraphs concerning AFCA membership and the investigation.)
The Appropriate Complaint Respondent Depends on When the Investment Was Made
Australian Fiduciaries is based in Queensland and serves as the responsible entity for three registered managed investment schemes: the Global Diversified Alpha Fund, the Global Multi-Strategy Fund and the Global All Seasons Fund. The firm engaged Compare Your Super Pty Ltd (hereinafter Compare Your Super) to contact prospective investors and invite them to invest in these registered schemes.
Two Stages of the Authorised Representative Relationship
Compare Your Super acted as an authorised representative of two different licensees during separate periods. This change directly determines which responsible entity investors may name in an AFCA complaint:
20 January 2020 to 27 January 2021 (window): Compare Your Super was an authorised representative of Australian Fiduciaries. Investors who invested during this period and believe they received personal financial advice may consider lodging an AFCA complaint about financial advice provided by Australian Fiduciaries.
27 January 2021 to 14 September 2023 (window): Compare Your Super became an authorised representative of APT Strategy Pty Ltd (hereinafter APT Strategy). Investors who invested during this period may consider lodging an AFCA complaint about financial advice provided by APT Strategy.
Regarding developments concerning APT Strategy, the company was reinstated by ASIC on 2 July 2026 under directions from the Supreme Court of Queensland. A liquidator has been appointed and the company remains in liquidation. The liquidator may now apply to reinstate APT Strategy’s AFCA membership, with AFCA to assess the application and determine whether reinstatement should be granted.
Comparison of Key Dates and Responsible Parties
| Date or Window | Event | Relevant Party | Legal Effect or Status |
|---|---|---|---|
| 2020-01-20 to 2021-01-27 | Authorised representative relationship in effect | Australian Fiduciaries | Investments made during this period may give rise to an AFCA complaint against this entity |
| 2021-01-27 to 2023-09-14 | Authorised representative relationship transferred | APT Strategy | Investments made during this period may give rise to an AFCA complaint against this entity |
| 2026-01-30 | AFCA makes determination | Australian Fiduciaries | Determined amount remains unpaid |
| 2026-06-12 | CSLR pays A$150,000 in compensation | CSLR | ASIC notified, triggering the mandatory cancellation provision |
| 2026-07-02 | AFS licence cancellation order issued | ASIC | Licence 465658 ceases to have effect, with no discretionary review |
| 2026-07-02 | Company reinstated under court directions | APT Strategy | Liquidator appointed and company remains in liquidation |
| 2026-07-17 | ASIC publishes announcement | ASIC | Cancellation decision and subsequent complaint arrangements disclosed |
| Until 2027-06-19 | Mandatory AFCA membership retention period | Australian Fiduciaries | Limited to complaints within the scope of the CSLR |
CSLR Operating Framework and Conditions Precedent to Compensation
The CSLR was established in June 2023 and formally commenced operations in April 2024. The scheme is available to consumers who have suffered losses arising from specified financial services, obtained an unpaid AFCA determination and satisfied other eligibility criteria. The maximum compensation available for each claim is A$150,000.
Covered Service Categories
Authorised personal financial advice;
Credit intermediation services;
Dealing in securities;
Provision of credit.
Procedural Requirements Before Making a Claim
The consumer must first complete AFCA’s full complaint process and obtain a determination;
If the determined amount remains unpaid, the consumer must take all reasonable steps to recover it from the relevant credit provider or financial firm;
An application for CSLR compensation may be made only after those recovery avenues have been exhausted.
(Source: ASIC, media release — ASIC cancels the AFS licence of Australian Fiduciaries Limited (In Liquidation), published 17 July 2026, CSLR background section.)
Licence Cancellations Since the CSLR Took Effect
The action against Australian Fiduciaries represents another mandatory cancellation decision made by ASIC since the CSLR commenced. Since the scheme took effect, ASIC has cancelled a total of 10 AFS licences and six credit licences involving firms including Private Wealth Pty Ltd, GS-APAC Pty Ltd, Wealth Trail Pty Ltd (In Liquidation), Easy Plan Financial Services Pty Ltd, Calaite Capital Partners Pty Ltd, Brite Advisors Pty Ltd, Viridian Equity Group Pty Ltd, RPD Group Advice Pty Ltd, DOD Bookkeeping Pty Ltd, Ultiqa Lifestyle Promotions Limited, Libertas Financial Planning, Ultimate Credit Management Pty Ltd, Worry Free Finance Pty Ltd and Ferratum Australia Pty.
These cases show that payment of AFCA determinations has become a mandatory condition for retaining a financial services licence. For investors, identifying the correct complaint respondent depends on confirming the precise period in which the investment was made and the licensee represented by the authorised representative during that period. For licensees, failure to comply with an AFCA determination results in licence consequences with no avenue for discretionary relief, while a 12-month obligation to respond to eligible complaints continues after cancellation.
Questions About ASIC Licence Cancellation and CSLR Compensation
Did ASIC review the merits of the case before cancelling Australian Fiduciaries’ licence?
No. The cancellation was a mandatory statutory process. Where a licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation on its behalf, ASIC must cancel the AFS licence. The process does not involve discretionary decision-making or a review of the merits.
Can investors still complain to AFCA after the licence has been cancelled?
Yes. ASIC’s cancellation order requires the firm to retain its AFCA membership for 12 months, until 19 June 2027. However, because the company is in liquidation, AFCA will accept only complaints that fall within the scope of CSLR compensation, such as complaints relating to personal financial advice.
How can investors determine whether to complain about Australian Fiduciaries or APT Strategy?
The relevant entity depends on when the investment was made. Investments made between 20 January 2020 and 27 January 2021 correspond to Australian Fiduciaries, while investments made between 27 January 2021 and 14 September 2023 correspond to APT Strategy. The distinction reflects which firm authorised Compare Your Super during each period.
What is the CSLR compensation limit and which services does it cover?
The maximum compensation for each claim is A$150,000. The scheme covers four categories of service: authorised personal financial advice, credit intermediation, dealing in securities and the provision of credit. Applicants must also satisfy the scheme’s other eligibility criteria.
Which steps must be completed before making a CSLR claim?
The applicant must first complete AFCA’s full complaint process and obtain a determination. If the determination remains unpaid, the applicant must then take all reasonable steps to recover the amount from the relevant credit provider or financial firm. A CSLR compensation claim may be submitted only after those avenues have been exhausted.
What is the current status of APT Strategy?
The company was reinstated by ASIC on 2 July 2026 under directions from the Supreme Court of Queensland. A liquidator has been appointed and the company remains in liquidation. The liquidator may apply to reinstate its AFCA membership, with AFCA responsible for assessing and deciding the application.
